11 November

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Will The Money You Leave Behind Ruin Your Children or Grandchildren?

It’s one of those fears many individuals (especially wealthy individuals) have, but rarely speak about. They aren’t worried about the “death tax” or other inheritance taxes. In fact, the concern isn’t heirs receiving too little money; it’s receiving too much. The concern is that inherited wealth can have adverse effects on the people inheriting the money. The beneficiaries could treat it as though they won the lottery and splurge on reckless, irresponsible purchases. Imagine, the money you worked so hard to accumulate ends up being blown on a fleet of fancy cars or, even worse, a drug habit or...

05 November

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No Will Hunting – Robin Williams Used a Living Trust

Posted by KarenLewis

in Bobby's Blog

Robin Williams made millions during his career and took steps to protect his wealth so it could be passed down to his three children. Did he just have a simple will based plan? No. Instead, reports indicate that Mr. Williams likely had a plan centered around a revocable living trust. Why would Williams, and other individuals, opt not to have a just a will based plan? First, the probate process can be very complicated and time consuming because it requires the estate be administered through the court system. Think about your experiences that involve the courts or the government...

10 October

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Protecting Your Assets from Unintended Beneficiaries

Posted by KarenLewis

in Bobby's Blog

It’s a common, and quite unfortunate, scenario – your child gets married and all seems well. The spouse becomes part of the family. Then, that seven-letter word starts to be bantered about – “divorce”. Suddenly, questions arise as to whether your now ex-son-or-daughter-in-law is entitled to any assets of your estate plan. A simple strategy to avoid this scenario is to set up a revocable living trust. One of the most attractive features of trusts is that they can be shaped to serve a variety of different circumstances and achieve different objectives. In fact, trusts are routinely utilized for gifting,...

02 October

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Unmarried? No Excuse to Neglect Estate Planning

Posted by KarenLewis

in Bobby's Blog

Just because you haven’t tied the proverbial knot doesn't mean you and your significant other should neglect properly planning your estate. Getting your estate organized is not exclusive to elderly folk or married couples. Everyone, including unmarried couples, should take the time to get a plan together. Here are some important tips for couples who have yet to say “I do.” First, if you and your significant other are living together, but aren't yet married, make sure your assets will pass to the other if you suddenly die. You can accomplish this by naming each other as beneficiaries on all...

15 September

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How to Plan Your Estate When Married to a Noncitizen Spouse

Posted by KarenLewis

in Bobby's Blog

If your spouse does not possess U.S. citizenship, estate planning becomes somewhat complicated. A unique set of rules applies for noncitizens to inherit property so you should really take the time to sit down with an experienced estate planning attorney to discuss your options. But take comfort in knowing that noncitizen spouses and loved one can inherit your property. So when you draft your will or name beneficiaries for your retirement accounts, you are free to name your noncitizen spouse as a beneficiary. Here’s the rub - for tax purposes, non-citizens who are permanent U.S. residents are categorized as “resident...

26 August

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Having That Awkward Conversation – Family Inheritance

Posted by KarenLewis

in Bobby's Blog

UBS Wealth Management published a report revealing how badly families are talking about inheritance. The report indicates that it’s easier to have a will (83 percent of respondents had one) than discuss the will with children (about half have had a conversation about the will), and it’s even harder to tell children what the assets are in the will (only 34 percent of respondents discussed the will in detail). The issue of not discussing family inheritance spans the economic spectrum including both wealthy and not-so-wealthy people, according to the New York Times. The UBS report showed that only 55 percent...

14 August

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Robert Redford Battling New York Over Massive Tax Bill From 2005 TV Sale

Posted by KarenLewis

in Bobby's Blog

One of the most irritating things the IRS can do is seek back taxes for taxes you already paid. That is essentially what Robert Redford claimed happened when he sold a 20 percent stake in the Sundance Channel back in 2005. Mr. Redford was recently assessed a $1.6 million tax bill by the state of New York for the sale. Mr. Redford already paid taxes on the 2005 sale to the state of Utah. Mr. Redford argues in his lawsuit against the tax bill that Sundance Channel had no property, payroll, or receipts in New York and therefore owed no...

18 July

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Under 40? Top 5 Tips for Getting a Jump on Estate Planning.

Posted by KarenLewis

in Bobby's Blog

I know what you’re probably thinking – “I’m not even 40. Why do I need to even think about planning my estate? Isn’t that something I do when I get my AARP card?” Answer: It's never too early to start planning your estate, especially if you have a family or close loved ones. None of us have a crystal ball showing the future. You may think you have decades ahead of you, but the truth is you only have the present. It is important to remember estate planning should involve disability planning too, not just planning for death. The sooner...

10 July

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Don’t Let a Random Doctor Decide Your Fate – Establishing an Individualized Disability Panel to Determine If You Are Disabled

Posted by KarenLewis

in Bobby's Blog

It’s an unfortunate fact of life – when we get older, we’re at a greater risk of having our mental faculties suddenly decline to the point of being declared mentally incapacitated. This cruel fact applies to everyone, even those of considerable financial means. The heartbreaking end to Casey Kasem’s life was an example. Another example is the continuing legal battle over the mental capacity of Donald Sterling, the soon-to-be-former owner of the Los Angeles Clippers basketball franchise. The capacity of Mr. Sterling is the center of a contentious legal battle. Two neurologists determined that Mr. Sterling was mentally incapacitated...

09 July

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Burial Rites – Add To Your Health Care Proxy, Will, or Both?

Posted by KarenLewis

in Bobby's Blog

Settling the finances, documents and other important affairs of a deceased loved one can be extremely difficult, even overwhelming. Adding the stress of trying to properly plan a funeral or memorial service just makes the situation even more difficult. This is why you should consider adding burial rites and directives for your memorial service (if you want one) in your will. Obviously, your family and friends want to honor you, but they may not agree on how to best do this. Do not leave it up to them to figure out what’s best. Make their lives somewhat less stressful during...